Mutual Fund Billionaire Pledges $250M to Yale

Franklin Resources founder is making largest donation in Yale history

Billionaire Charles B. Johnson has pledged to make the largest donation in Yale University history to help expand the institution further.

The New York Times reports that the retired chairman of money management company Franklin Resources will donate $250 million to the university. The money will help build two new residential colleges at Yale. Johnson graduated from Yale in 1954 and he has been part of several of the university’s institutions throughout the years.

The billionaire founded Franklin Resources which manages the Franklin and Templeton mutual funds. Johnson is the largest shareholder of the San Francisco Giants and his estimated net worth is around $5.6 billion.